Purchase of House Plots By Federal Bank

Features & Benefits For Purchase of House Plots By  Federal Bank

Key features

  • Speedy loan approval
  • Get loan up to 60% of land
  • Minimal documentation
  • Loan amount up to Rs.25 Lakhs

Loan is provided for purchasing house plots for subsequent construction of house.

Loan amount up to Rs. 25 Lakhs with a margin of 40%(of cost of land as shown in sale deed +  Stamp duty  + Registration charges)

Repayment period of the loan is 60 Months

Repayment can be done as easy EMIs.

Security for the loan will be House plot to be purchased and Interim Security for 100% of the loan amount.

 

Indicative List of Documents Required for Loan processing

 

  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
  • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
  • Bank Statement (latest 6 months bank)
  • Land Tax Receipt
  • Title deed
  • Any other documents as required by the bank

Repayment options

 

Repayment of the loan is made as Equated Monthly Installments (EMI).

You can use any one of the ways to repay the loan:

 

  • Cheques
  • Standing instructions at your branch
  • FedNet - Internet Banking
  • Automated Payment through ECS
  • Mobile Banking

 

Interest Rates & Charges

 

Base Rate 10.2%   (p.a)   w.e.f   Jun 16, 2014
Benchmark Prime Lending Rate (For loans existing as on 30.06.2010 till next renewal) 17.75%   (p.a)   w.e.f   Nov 07, 2011

 

Description of loan scheme/ product Range of Interest Rates(% p.a) *
Housing Loan up to Rs. 75 lakhs (Floating Rate) Base Rate  +  0.00%  to   Base Rate  +   0.15%
Housing Loan of Rs.75 lakhs and above (Floating Rate) Base Rate  +  0.30%  to   Base Rate  +   0.40%
Housing Loan (Fixed Rate) 0.50% above floating rate HL
Property Power Loan (LAP) Base Rate  +  3.20%  to   Base Rate  +   5.10%
Home Invest Base Rate  +  2.05%  to   Base Rate  +   2.90%
Auto Loan (floating rates) Base Rate  +  0.70%  to   2.05%
Auto Loan (fixed rates) 0.25% above floating rate AL
Car Loan (fixed rates) - Up to & including 48 months - w.e.f 20.04.2015 10.40%  to   11.40%
Car Loan (fixed rates) - Above 48 months - w.e.f 20.04.2015 10.30 %  to   11.30 %
Educational Loan Base Rate  +  3.25%  to   Base Rate  +   4.90%
Gold Loan Base Rate  +  3.80%
Business Gold Loan Base Rate  +  5.00%
Advance Against Own Deposits Deposit Rate  +  2.00%
Advance Against Third Party Deposits Higher of (Base Rate + 2.80%) OR (Deposit Rate + 2.00%)
Advance Against Approved Securities (NSC,IVP, KVP, LIC Policies) Base Rate  +  2.85%  to   Base Rate  +   3.10%
Easy Cash (OD against approved securities) Base Rate  +  3.10%  to   Base Rate  +   3.35%
Personal Loan Base Rate  +  5.30%  to   Base Rate  +   10.85%

 

 

 

 
*Interest rates offered will be based on the risk profile of customer and proposed facility.For more details, including rates for other advance schemes, contact your nearest branch.

The Base Rate is computed by taking into account –

a) Bank's cost of deposit (which is taken as the benchmark),

b) Negative carry on maintaining Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR),

c) Administrative expenses, which cannot be specifically attributed to any particular type of lending, and

d) Average expected return on capital employed for supporting the lending activities.
 

Bank's final lending rates for various types of loans and advances are arrived at by adding scheme/borrower specific charges like tenor premium, credit risk premium, overhead costs related to lending etc.  Base Rate linked rates of interest are applicable for all loans and advances disbursed/renewed on or after 01st July, 2010.
Borrowers whose accounts are linked to BPLR can approach the Branch Manager for conversion of their loan accounts to Base Rate linked interest rates#. 
The Base Rate and final lending rates will be reviewed / revised by the Bank at least once in a quarter.  
For more information on final lending rates, please contact your nearest branch. 
 

# Conditions apply

About

Federal Bank Limited is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India.

The history of Federal Bank dates back to the pre-independence era. Though initially it was known as the Travancore Federal Bank, it gradually transformed into a full-fledged bank under the able leadership of its Founder, Mr. K P Hormis. The name Federal Bank Limited was officially announced in the year 1947 with its headquarters nestled on the banks of the river Periyar. Since then there has been no looking back and the bank has become one of the strongest and most stable banks in the country.

 

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